Hydro to Restructure Aluminum Production in Germany
Hydro announced plans to restructure its German primary aluminum production plants due to increased power prices in Europe. The company has been unable to secure power contracts at prices that can sustain continued operation of two of Hydro's primary aluminum plants. Hydro will close its primary aluminum plant in Stade, Germany by the end of 2006, which will affect 420 employees. The decision requires final approval by the supervisory board of Hydro Aluminium Deutschland. The board also recommended closing the smelter and carbon capacity at Hydro's partly owned aluminum plant, Hamburger Aluminium Werk (HAW) GmbH in Germany at the end of 2005, which will affect 450 employees. A final decision must be made by the three owners in the supervisory board of HAW.